Trump Backs 80% of Senate Ethics Deal on Crypto Clarity Act

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The White House has agreed to new ethics language in the Clarity Act, clearing one of the last obstacles ahead of a key procedural vote on the cryptocurrency bill in the Senate on Tuesday.

The provision bars public officials from issuing or sponsoring digital assets, and under updated text Senate Republicans released late Sunday it could be enforced by state attorneys general as well as the Department of Justice.

That was a central demand from Democrats, whose votes are needed to move the bill forward on the Senate floor.

A coalition of Democrats and Sen. Thom Tillis (R-N.C.) had argued that the earlier version failed to address conflict-of-interest concerns tied to President Trump’s crypto earnings.

A Senate GOP aide said Sunday that Trump agreed to roughly 80 percent of the Tillis proposal, which was written with Sen. Ruben Gallego.

The bill is also expected to be updated with a requirement that officials divest or place any major financial interest in a crypto-issuing entity into a blind trust.

Lummis pushes for yes votes

Sens. Cynthia Lummis, Tim Scott and John Boozman said state attorneys general would play a “meaningful role” in enforcement if the bill becomes law.

Lummis, the Wyoming Republican who has led the effort, said in a statement:

“After a year of intense daily bipartisan negotiations, this bill is ready.”

She cast a rejection on Tuesday as a vote against reform itself:

“A no vote on Tuesday means opposing real ethics reforms on politicians’ personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets.”

Lummis added that Democrats got what they wanted and now need to take yes for an answer.

A year of negotiation

Democrats have sought an ethics provision for months, pointing to Trump and his family’s involvement in the crypto industry.

The White House agreed to ethics language in late July, but Democrats objected to leaving the Justice Department solely in charge of enforcement.

Whether the revised version wins over enough of them remains unclear.

Source: bitbo.io